NJ Senate Passes Bill to Help Atlantic City Casinos

Atlantic City is struggling right now. In fact, the past three months have been some of the hardest this city has ever gone through. Fortunately, things may start to improve soon. The NJ Senate has just passed a comprehensive relief bill to help Atlantic City casinos.New Jersey

It’s great news for residents and business owners in this area. Based on the way things are going, the casino industry here may begin operating within the next couple of weeks. Today, we’re going to look at the details of this newly-passed bill.

Governor Murphy Still Looks at July 4th Date To Reopen Casinos

New Jersey has one of the largest and most successful casino industries in the country. Since the legalization of sports betting in 2018, gambling revenue in this city has been on a steady incline. There are a huge number of world-class gambling venues here within a very small area.

As you probably already know, the casinos here were forced to close down in March. It was a devastating move for this part of New Jersey. The majority of individuals living here are tied to the gambling industry. Once it closed, money stopped flowing in.

Since March, politicians and business owners here have looked at ways to get things back on track. Everyone wants to see casinos reopen their doors. Unfortunately, New Jersey still has high rates of Covid-19 and many leaders here are worried that reopening casinos will increase these numbers even further.

In late May, Governor Phil Murphy told the media that casinos here would likely be able to reopen to the public by the Fourth of July. It was the first indication that state leaders were ready to get this industry up and running again.

The plan is still to get Atlantic City’s gambling venues reopened by July 4th. That isn’t the only thing needed to protect this city, though. This week, state officials approved a new bill that should help casinos here during these difficult times.

Here Are Some Details About the Bill to Help Atlantic City Casinos

Everyone knew that something had to be done to protect the casino companies in Atlantic City. Much like the ones in Las Vegas, some of these gambling operators have been losing an incredible amount of money every single month. Officials in Atlantic City have been discussing ways to help these companies with some of the most powerful politicians in the state.

Fortunately, the New Jersey Senate has officially approved a new relief bill to help Atlantic City casinos. This allows for new permanent and temporary tax breaks for these gambling venues. Hope is that these measures allow the casino industry here to bounce back quickly.

State Senator Chris Brown was one of the main leaders responsible for getting this bill, called S2400, passed. He’s confident that it will help residents here to keep their jobs.

“My concern has been and remains with the families who overnight found themselves unemployed and left to deal with a broken unemployment system for the last three months,” Brown said. “Working in a bipartisan manner, we took a step today toward saving 27,000 casino jobs while also assisting our small businesses so we can put our Atlantic County families back to work.”

There are several interesting things this bill allows for. First, it reduces gaming revenue taxes for the casinos here. Secondly, it eliminates hotel fees for the rest of the year. Many are also pleased to find that it allocates $100 million in federal grant money to help small businesses.

No bill is ever going to be perfect. Most politicians feel this is the best possible option to help both businesses and residents in the city, though. The next real test will be getting visitors to start visiting and gambling in Atlantic City.

More States Slowly Begin Allowing Casino Industries to Reopen

New Jersey isn’t the only state hurting due to these casino closures. In fact, every single state saw their casino industries come to a screeching halt back in March. This has resulted in an incredible amount of revenue loss across the country.

Fortunately, most states are now allowing their casinos to start operating again. Many of the biggest casino-resorts in Las Vegas reopened to the public on June 4th. Several more of the casinos here will start reopening over the next few weeks.

In some states, casinos are taking things into their own hands. California’s casinos are operated entirely by Native American tribes. Many of these tribes have begun operating their gambling venues without specific permission from state leaders. This is possible, as they sit on sovereign land.

Atlantic City should start getting back on track by Independence Day. Many analysts predict that many visitors will begin flocking here once the casinos reopen. The bill to help Atlantic City casinos should help to make this whole situation a little easier.

Anything is possible. If another major spike in cases is seen, the current plans may change once again. Make sure to stay tuned for updates.

Do you think it’s time for Atlantic City to reopen? Let us know in the comments section below.

Virginia’s New Casino Bill Has Been Rejected

For months, lawmakers in Virginia have pushed to have casino gambling legalized in the state. Legislation continued to advance, and many believed it was just a matter of time before casinos became legal. Unfortunately, Virginia’s new casino bill was rejected in the Senate.Virginia Sign

It’s a huge blow for proponents of gambling in this state. Many have argued that regulated casinos will help to bring the state millions of dollars every single year via taxes. Today, we’re going to discuss why this bill was rejected.

Let’s get into it!

The Road to Legal Casinos in Virginia

Virginia isn’t known as a very gambling-friendly state. In fact, very few forms of gambling are actually legal here. In 2013, several politicians in the state began presenting legislation to legalize riverboat casinos.

These bills were eventually struck down. Afterward, it seemed as if regulated casinos would never begin operating in this state. Recently, lawmakers in Virginia have once again begun pushing to legalize land-based casinos.

Last year, another bill was presented in the state to legalize these gambling venues. By November, Virginia’s new casino bill was approved by a Senate Subcommittee. This bill allows for commercial casinos to begin operating in several different cities.

After the approval in November, it seemed as if legal casinos would be finally allowed to operate in the state. Several of the state’s top politicians were praising the details of this new bill. Then, out of the blue, this casino bill was rejected in the Senate.

It’s extremely disappointing news. Some felt that Virginia had the potential to become a major gambling hub on the East Coast. Here’s what we know about this situation so far.

Virginia’s New Casino Bill Has Been Rejected in the Senate

If approved, the bill presented in the state would have allowed for several commercial casinos to open. According to new reports, this bill has been rejected in the Senate. We’re now hearing reports of why this is.

According to the Washington Examiner, the Senate and House could not agree on tax rates for these casinos. The House is said to want a lower tax rate than the Senate. 

The House claims that it wants a tax rate between 15 and 28 percent of the revenue casinos obtain. The Senate wants these gambling venues to be taxed between 27 and 40 percent of their revenue. Disputes over the cost of a casino license are also taking place.

Members of the House argue that a casino license should cost $5 million. The House believes that a license should cost $15 million. It’s clear that these two chambers have some discussions that need to take place.

The Senate has officially rejected Virginia’s new casino bill introduced by the House. Now, the bill will need to be redrafted in order to fit both chamber’s needs.

Casino May Still Be Legalized in Virginia This Year

It might seem as if the push to legalize casinos in Virginia is now over. That’s not necessarily the case, though. Over the next few months, members of the House and Senate will need to negotiate the terms of this new bill.

Both chambers claim they want to see casinos legalized in the state. Lawmakers here recognize the potential to earn revenue from this industry.

Several lawmakers in Virginia are also working to legalize sports betting. Not long after PASPA was struck down, a study was conducted on how legal sports betting would impact the state. For the past two years, sports betting advocates have tried to convince state politicians to approve legislation for the industry.

Most agree that casinos will be approved to operate in Virginia before the end of the year. Several cities here have already expressed a desire to allow casinos. Virginia’s new casino bill came to a halt in the Senate, yet another is likely to be presented before the summer.

There’s a lot happening here. Stay tuned for more updates on Virginia’s gambling industry over the next few months!